Goodrich Petroleum CFO: company can get through 2010 without using revolver

By Jennifer Lanning Drey

Portland, Ore., March 8 - Goodrich Petroleum Corp.'s current $300 million of liquidity will allow the company to execute on its plans in 2010 without having to draw on its revolving credit facility, Robert Turnham Jr., chief financial officer of Goodrich, said during a Monday presentation at the Raymond James Institutional Investors Conference in Orlando.

"The balance sheet is in great shape," Walter "Gil" Goodrich, chief executive officer of Goodrich, said during his portion of the presentation.

Goodrich began 2010 with $125 million of cash and no borrowings outstanding under its $175 million senior revolving credit facility, he said.

The company has $393 million of outstanding convertible notes. The first call date on any of the convertibles is on $175 million in December 2011.

Also during the presentation, Goodrich said he is confident the company will add to its acreage position in 2010.

Goodrich is a Houston-based explorer, exploiter, developer and producer of oil and natural gas properties.

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